A. Fund Created 1 : There is hereby created a police pension fund in and for the village for the purpose of providing pensions for members of the police department under the terms and regulations hereinafter set forth.
B. Financing: The board of trustees shall annually levy a tax upon all the taxable property of the village at the rate on the dollar which will produce an amount which, when added to the deductions from the salaries or wages of policemen and receipts available from all other sources as hereinafter referred to, will equal a sum sufficient to meet the annual requirements of the police pension fund. The annual requirements to be provided by such tax levy shall be equal to the reserve prescribed by 40 Illinois Compiled Statutes 5/3-127. The tax shall be levied and collected in like manner with general taxes of the village, and shall be in addition to all other taxes now or hereafter authorized to be levied upon all property within the village, and shall be in addition to the amount authorized to be levied for general purposes as provided by 65 Illinois Compiled Statutes 5/8-3-1.
The police pension fund shall consist of the following monies which shall be set apart by the treasurer of the village:
1. All monies derived from the taxes levied hereunder.
2. Beginning July 1, 1909, and prior to July 23, 1943, one percent (1%) of the salary of each policeman (except that prior to July 1, 1921, not more than $1.00 per month shall be deducted, and except that beginning July 1, 1921, and prior to July 1, 1927, not more than $2.00 per month shall be deducted), and beginning July 23, 1943, and prior to July 20, 1949, three percent (3%) of salary, and beginning July 20, 1949, and prior to July 17, 1959, five percent (5%) of salary, and beginning July 17, 1959, seven percent (7%) of salary. Such sums shall be paid or deducted monthly.
3. All monies accumulated by the village under any previous legislation establishing a fund for the benefit of disabled or superannuated policemen.
4. Any donations, gifts or other transfers referred to in 40 Illinois Compiled Statutes 5/3-101 et seq.
C. Applicability Of Section: This section is applicable to all policemen of the village who meet the qualifications set forth in 40 Illinois Compiled Statutes 5/3-101 et seq.
D. Persons Eligible For Benefits: All policemen and widows or dependents who qualify under 40 Illinois Compiled Statutes 5/3-101 et seq., are eligible for benefits from the fund. (1951 Code 3-26, 3-27, 3-28, 3-30, 3-32)
Notes
| 1 | 2. 40 ILCS 5/3-101. |